Q2 2024 Spire Inc Earnings Call Transcript
Key Points
- Spire Inc (SR) reported a robust capital investment plan aimed at modernizing infrastructure and enhancing service delivery, with $409 million invested in the fiscal year to date.
- The company successfully managed regulatory outcomes, securing $16.8 million in new revenues from the Missouri Public Service Commission for infrastructure upgrades.
- Spire Inc (SR) has expanded its board with strategic appointments, enhancing governance and oversight capabilities.
- The company's Midstream segment showed solid performance with the successful acquisition and integration of MoGas and Omega, and a revised expansion plan for Spire Storage West.
- Spire Inc (SR) reaffirmed its long-term net economic earnings per share growth target of 5% to 7%, reflecting confidence in its strategic direction and operational management.
- Spire Inc (SR) experienced a decrease in net economic earnings per share from $3.70 last year to $3.45 this year, primarily due to warmer weather leading to lower usage and higher interest expenses.
- The weather normalization adjustment rider in Missouri was less effective this year, leading to unmitigated losses in weather-related margins in the residential customer class.
- Operational and maintenance costs increased by $2.3 million compared to the previous year's second quarter, despite efforts to control expenses.
- Interest expenses were higher by $5 million due to increased long-term and short-term interest rates, impacting the company's financial performance.
- The company faces ongoing challenges with weather fluctuations and their impact on customer usage patterns, requiring further analysis and potential regulatory adjustments.
Good day and welcome to the Spire fiscal 2024 second quarter earnings call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Megan Mcphail, Managing Director of Investor Relations.
Please go ahead morning and welcome to Spire's fiscal 2024 second quarter earnings call. We issued an earnings news release this morning. You may access it on our website at Spire energy.com under Newsroom and the slide presentation that accompanies our webcast may download either from the webcast site or from our website under Investors and then Events and Presentations before we begin, let me cover our safe harbor statements and use of non-GAAP operating earnings measures.
Today's call, including responses to questions may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although our forward-looking statements are based on reasonable assumptions, there are various uncertainties and risk factors that may
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